Survey Finds Most Accountants In N Ireland Are Less Than Enamoured With Brexit

A recent survey by the Chartered Accountants Ulster Society has revealed that the vast majority of accountants believe that Brexit has had a negative impact on the economy of Northern Ireland. The survey also discovered that many accountants are seeing more and more businesses showing signs of financial distress and are worried about future prospects.

Only 1 In 4 Accountants Believe The Economy Is Growing

Here are some of the findings as copied from an article on the Belfast Telegraph website by Margaret Canning:

“Three-quarters believed that the Northern Ireland economy is either contracting or stagnant, with only one in four believing the economy is growing at present.

“At 82%, a large majority of those surveyed said that the NI Executive should be restored.

“As well as the NI Protocol, the survey found members regard Northern Ireland’s low cost base, high skills offering, geographic location, English speaking workforce and the ability to potentially lower corporation tax as other selling points.

“But the biggest drawbacks were ‘rising inflation and squeeze on living standards’ (96%), ‘cutbacks in Government spending’ (95%) and ‘current political conditions in Northern Ireland’ (93%).

“Three-quarters of those surveyed identified Brexit as a ‘strongly negative’ or ‘negative’ factor on the performance of the local economy.

Modest Positives Found For Businesses From Brexit

“But it also identified what it said were “modest positives” for business from Brexit in sales/ turnover growth and export growth outside the UK.

“However, the predominant impacts for business were negative, particularly in business costs, purchases from Great Britain, access to EU workers, profits growth and investment plans.

“A majority of respondents to the survey (78%) held a strong belief that NI’s reputation had been damaged by the handling of the Brexit process.

“Just over 70% (72%) of those surveyed believe that the NI Protocol presents an opportunity for Northern Ireland and 76% believe that the NI Protocol challenges can be addressed.

“The Windsor Framework is the most recent attempt to overcome these challenges.

“At 82%, large numbers say that the Northern Ireland Executive should be restored, while 69% feel that more powers should be given to permanent secretaries within government departments until the Executive is restored.

“The survey found mixed views on whether there should be further devolution of tax powers in Northern Ireland, with 44% saying ‘yes’ and 40% saying ‘no’.

“Corporation tax was considered the most suitable tax to devolve, followed by short haul air passenger duty and the apprenticeship levy.”